Natural Gas Technical Analysis: Take the money and run
Natural Gas is set to become the best performer for this year in terms of returns considering from its lowest level to where it is trading this week. With a very crucial pivotal level ahead, the question now is if it is not the right time to take some profit and re-enter once the pivotal level near $3.07 snaps. Should the recent concerns on the geopolitical front with Russia become reality soon, another 20% could be added towards $3.70 by the end of summer.
The $3.00 marker as a big figure was easily broken on Wednesday. The pivotal level near $3.07 (high of March 6, 2023) is now into play and has marked a new high for 2024 already. Further up, there is room for a quick crossing towards $3.69 should more geopolitical tensions be added.
On the downside, the 200-day Simple Moving Average (SMA) is acting as first support near $2.53. Should that support area fail to hold, then the pivotal level near $2.14 should do the trick ahead of the 55-day and 100-day SMA which both are trading at $2.11.
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